Exam (elaborations)
CMFO Exam Question Bank with Questions with Complete Solutions
- Course
- Institution
CMFO Exam Question Bank with Questions with Complete Solutions
[Show more]
Seller
Follow
Content preview
CMFO Exam Question Bank withQuestions with Complete Solutions
equalized valuation - ✔✔Represents the true value of all taxable property in the municipality
derivatives - ✔✔Not a permissible investment
False - ✔✔T/F: Budget transfers may be made to: Deferred Charges, Reserve for Uncollected
Taxes, Down Payment on Improvements and Capital Improvement Fund
40 years - ✔✔Period of usefulness may not exceed
DLGS - ✔✔____________ must approve: petty cash fund, change in title and text, dedication by rider,
and emergency appropriations in excess of 3% of operating appropriations
Net debt - ✔✔Borrowing capacity is based on
Patrol cars - ✔✔Not bondable assets
$1000000 - ✔✔Local government bonds may be sold privately except when the total of bonds
is more than
eligible shared services - ✔✔Joint collection of taxes, joint municipal court, joint solid
waste collection/disposal
,False - ✔✔T/F: Dedication by Rider must be accounted for in the current fund
governing body - ✔✔Special Improvement District budgets must be approved by:
True - ✔✔T/F: The budget message should contain explanation of appropriation and levy CAPS and
a listing of appropriations split by CAP.
Budget Procedure - ✔✔Introduction & Approval, Public Advertisement, Public Hearing, Amendments,
Advertising & Public Hearing on Amendments, Adoption
Local Finance Board - ✔✔If a municipality does not have an Ethics board, ________________ would
act a the Ethics Board.
Line Item Budget - ✔✔What is the official budget required to be adopted?
Utility Assessment Trust - ✔✔Payment of Utility Assessment Bond Principal is recorded as
an expenditure in which fund?
Apply to Amount to be Raised by taxation - ✔✔Which is not a proper way to distribute a
tax overpayment?
DCRP - ✔✔Town Administrator can be enrolled in
True - ✔✔T/F: 2010 CAP eliminated the add-on increases for the Reserve for Uncollected Taxes.
True - ✔✔T/F: Transitional aid recipients must demonstrate that user fees have been established for
discretionary services, so that taxpayers are not subsidizing nonessential programs.
shorter useful life - ✔✔Unexpended bond proceeds may not be appropriated to fund
additional capital improvement projects with a
, storm recovery reserve - ✔✔Can be used for salt and sand purchases, snow removal and salaries and
Water Capital fund - ✔✔In what fund is gross utility debt reflected in?
dedication by rider - ✔✔Amount of dedicated revenues is not subject to a reasonably
accurate estimate in advance
Modified accrual basis - ✔✔Method of accounting for transactions is
explanation of tax rate - ✔✔Not required to be included in budget message
EMMA - ✔✔Annual Financial statements must be filed with
overtime - ✔✔Not part of pensionable salary
True - ✔✔T/F: Payroll costs may be found in current fund, utility operating fund, trust fund
and general capital fund
Registered Municipal Accountant - ✔✔Every audit required by the Local Fiscal Affairs Law is
required to be completed by an accountant or auditor who holds an uncanceled license as:
Chief Financial Officer - ✔✔The statutory responsibility for filing of the unaudited Annual
Financial Statements is assigned to which local government official
Planning Board - ✔✔As defined in the Local Government Ethics Law, a Local government officer that
serves on a local government agency that approved development applications would refer to a member
of
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller KenAli. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78677 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now